The Nigerian naira remains under pressure against the British pound across both official and parallel foreign exchange markets, with rates reflecting persistent demand for foreign currency and tight supply conditions.
At the Nigerian Foreign Exchange Market (NFEM), the pound is trading around ₦1,820 to ₦1,835 per £1, based on the latest available data and recent trading patterns. Earlier this week, the currency was quoted near ₦1,817.83/£, with only slight day-to-day fluctuations, indicating relative stability within the official window.
Mid-market indicators also show the pound hovering in a similar range, with recent averages around ₦1,830–₦1,845, suggesting minimal volatility despite ongoing pressure on the naira.
In the parallel market, however, the naira trades significantly weaker against the British currency. Latest figures show the pound being bought at about ₦1,840 to ₦1,865 and sold between ₦1,885 and ₦1,900, depending on location and transaction size.
This creates a gap of roughly ₦50 to ₦80 between the official and black market rates, underscoring continued FX shortages in the formal system and strong retail demand for pounds, particularly for school fees, medical expenses, and international transactions.
Analysts say the pound’s strength in the parallel market is driven by sustained demand for foreign education and travel, alongside limited availability of the currency through official channels. While the NFEM rate shows relative calm due to regulatory controls and managed liquidity, the informal market continues to reflect real-time demand pressures.
Overall, today’s exchange rate trend mirrors recent patterns—moderate stability at the official window and a persistent premium in the parallel market—highlighting ongoing structural challenges in Nigeria’s foreign exchange landscape.
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